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I put an asset into service in 1993. Per the Asset Life History, my depreciation should be 2250 for this year and $0 for next since it is full depreciated in 2021. The AMT is 4125 for decades forward since the life is 40 vs 27.5.
On the asset worksheet it is showing 0 in prior depreciation and the full 165000 in current instead of 2250. Frankly I don't remember it showing the proper prior year depreciation ever, but it never caused an issue since the annual $6000 was correct.
There is 4125 in the AMT depreciation deduction and 160875 in the adjustment preference.
It seems like the bug is that the prior year depreciation isn't filling in from the asset history report in each of the regular and AMT spots. I just played around and I was able to type the numbers in so I think the return is working now, but for a while I was owing $22k in taxes instead of a tiny refund! It is possible it works better in the Premium version vs the Deluxe, but I don't remember any questions asking about prior year depreciation. This is something that should flow from the historical schedules without use input.
you still have an issue. if the life is 40 years and you acquired it in 1993 it should not be fully depreciated until 2034
CD Download , but it did its normal program update first before opening the current in progress return. I got it a few weeks ago.
It is fully depreciated for tax purposes in 2021 since it was depreciated over 27.5 years. For AMT I suspect 40.
I just checked my return in turbotax 2020 which was a CD not a download and it was the deluxe version as well and the same thing happened last year. The prior year depreciation numbers didn't flow to the asset worksheet. But it wasn't the final year of tax depreciation so it didn't cause an issue. It only causes a problem in the last year it looks like. I suspect if I look backwards I will find it never worked. I never remember it flowing in. I just loaded the 2009 premier edition and same issue. the prior depreciation and amt depreciation don't flow in! So old bug never fixed. Possibly never reported.
Initially when I looked at the schedul the calculation was right, but when I went to the page again I suddenly noticed my return went from a small refund to a huge payment and when I tracked it down it was on the tax AMT calculation and I then went back through the calculations and found that the AMT adjustment was 165,000 instead of 1850. So I went to this schedule and found the AMT variance was the full house basis...
So I still think the bug is only noticeable in the final asset year. It is a bug in all years, but only affects the final.
I am working on the "persona" section of Turbotax Home and Business 2021. I want to enter my W2 for 2021, but there is a blank screen. Also, Turbotax running estimate of tax due / refund does not change when I input numbers. I think the software is defective--what do I do?
I use the Forms part of the program. Numbers below are examples, not my actual numbers.
On the tax payments worksheet, line 2, 6/15/21, federal amount, I entered $2000.
On line 3, fed amount, I entered $3000.
On line 6, prior year refund applied, the program correctly entered the carried over number, $1500.
On form 2210, above line 10, column a, is erroneously labeled 7/15/20. 20 should be 21
Form 2210, line 11, column a, the program enters $1500. It should be $3500
Thank you for your consideration. Dutch3
As I was installing TurboTax Deluxe 2021 the software opened a window to activate the product via a license key. The window was blank, so there was no box to enter a license key. I found advice online that said to change the display to a lower resolution, which would make the license code box appear, enter the code, then restore the original resolution. Obviously this is a bug in TurboTax, and while not ideal, I was able to activate the product. But now I want to download the state tax form. TurboTax opens a window to select the state but this window is blank. Using the same trick to alter the display resolution I can get the state selection box to appear, but the dropdown selection function still doesn't work. Apparently TurboTax doesn't recognize the cursor position correctly with respect to the display widgets. When can I expect an update to TurboTax to fix this bug?
My own mysterious blank box, courtesy of Turbotax Home and Business 2021, was resolved by "run as administrator." When I right-clicked the icon and chose "run as administrator," a box that had previously been blank came to life. Why did that work in my case? I don't know. Will it work in your case? Ditto.
There is no input/line item for Line 5 (Qualified biomass fuel property costs) on the new Form 5695. Form 5695 was updated in 2021 by adding Line 5. It appears Turbo Tax did not pick up this change, which makes it impossible to enter anything into Line 5 on Form 5695.
Form 5695 is not projected to be available until early February. You can check the status of form availability in the below TurboTax Help Article:
IRS forms availability table for TurboTax individual (personal) tax products
I am not able to enter my personal income. Screen is blank.
2021 Turbo Tax Home And Business
I had a similar problem with entering a W2. "Run as administrator" resolved the problem. Close Turbotax, then right-click the desktop icon and choose "Run as administrator." I don't know why this makes a difference, but it worked for me.
On Mortgage Interest Deduction Details.
1. Box 10 (Real Estate Taxes Paid) should be specified by number
2. Box 7 should be before box 10
Thank you for the feedback - All sections in each version are still being worked on.
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